Oil & Energy

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For now, however, the US-led surge in supply and weak demand have seen traders start to store additional barrels as they wait for prices to recover.
September 14, 2014 - 04:55 GMT
The drop in oil prices to their lowest in two years has caught many observers off guard, coming against a backdrop of the worst violence in Iraq this decade, heightened tensions between the West and Russia, and sanctions against Iran.

May 19, 2014

Iran has tried to bring more foreign companies into its energy sector since securing sanctions relief from a November interim agreement to temporarily curb its nuclear activities.
03:55 GMT

A couple of Swedish and Russian companies have voiced readiness to cooperate with Iran in oil exploration projects in the Caspian Sea.

By the end of the current fiscal year the amount spent on subsidies will reach approximately EGP 135bn ($19 billion).
00:53 GMT

Subsidies for petroleum products have been sapping Egypt’s economy and should be addressed as soon as possible,

May 18, 2014

The project will bring on stream 26 wells from four fields in the Reggane basin, the company said.
12:31 GMT

UK-based oil and gas services group Petrofac, which slashed its 2014 profit forecast by 11 percent this month, said on Friday it was awarded a contract worth $970 million in Algeria.

During the event
09:57 GMT
(press release)

Inspiring young people to explore their full potential through outdoor adventure, Oman Oil Company (OOC) is supporting the 2014 Outward Bound Oman Challenge ‘Tahaddi Oman’ for the second consecutive year.

May 16, 2014

The Iraqi government has repeatedly said oil sales by-passing Baghdad are illegal and has threatened to sue any company involved in the trade
01:36 GMT

"If these reports are correct, then dire consequences will be inevitable," the Iraqi oil official said. "This is a seriously dangerous development. ...and now if this is proved true then they are going too far."

May 15, 2014

On March 1, Iranian Oil Minister Bijan Namdar Zanganeh said that Iran's oil industry would head forward, with or without sanctions.
16:47 GMT

Iran has tried to bring more foreign companies into its energy sector since securing sanctions relief from a November interim agreement to temporarily curb its nuclear activities.

Locals said large sections of the sea had been covered in an unidentified black substance, initially thought to be an oil spill, last Sunday.
15:23 GMT

Locals interviewed near the power plant Wednesday said they first noticed the pollution Sunday, likening it to oil spills that once frequently plagued the coast in the area.

ENOC expands ZOOM network
11:13 GMT
(press release)

Emirates National Oil Company (ENOC) has expanded its ZOOM convenience store network with the opening of three new outlets across Dubai.

May 14, 2014

Al-Awaji noted that the Kingdom has electric links with the Gulf Cooperation Council countries while Egypt is linked with eight eastern Arab countries
19:09 GMT

" The Kingdom can import electricity from Egypt during the day time and re-export it in the evening," he said.

ENOC hosts 5th ME Bitumen Conference
12:28 GMT
(press release)

The 5th annual Middle East Bitumen Conference, hosted by ENOC Industrial Products Marketing (EIPM), a specialised business division of Emirates National Oil Company.

In its first public announcement on the project, SABIC did not say where the complex would be located, how much it would pay for the oil or if the crude would be subsidised
12:13 GMT

Development of the Saudi petrochemical sector is part of Riyadh's strategy for diversifying the economy away from heavy dependence on crude export revenues.

Iran's crude oil exports have been rising since Tehran reached a breakthrough deal with six world powers over its nuclear energy program last November.
03:55 GMT

Iran has renewed its oil export contracts with its Asian buyers

May 13, 2014

The decline in the EU countries’ imports of Russian gas will force them to look toward Gulf countries for gas.
23:44 GMT

Egypt’s opportunities for importing liquefied natural gas have increased as a result of US sanctions on Russia

During the signing
11:53 GMT
(press release)

Emirates National Oil Company (ENOC) has signed a Technical Services Agreement (TSA) with Dubai Carbon Centre of Excellence (DCCE).

May 12, 2014

Kuwait began importing LNG in 2009 and signed deals with Shell and Swiss-based trader Vitol to supply it from April to October, the period of peak power demand, for the last four years.
04:55 GMT

Kuwait wants to burn LNG instead of resorting to diesel and crude oil, which have higher harmful emissions, KPC added.